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April 16, 1997updated 05 Sep 2016 1:07pm

TELEFONICA AND PORTUGAL SHARE SWAP SO MCI DEAL LOOKS ON

By CBR Staff Writer

If Telefonica de Espana SA and Portugal Telecom SA are sealing their friendship by exchanging shares in each other, as was announced yesterday, they can hardly end up in different international alliances, so it looks as if the Telefonica-MCI Communications Corp alliance in Concert is on. Details of the cross shareholdings were not available as we closed, but Telefonica was expected to take a 3.03% stake in Portugal Telecom, with Portugal Telecom taking 1% of Telefonica.

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